This is from a couple of recent publications:
· While sales of existing homes are off from their high, 2007 was still the fifth best year on record for existing-home sales.
· We’re still within 2% of the all-time high median existing-home price set in 2006.
· There isn’t a single investment that doesn’t have a bad year. Accordingly, homebuyers in for the long haul always come out ahead in building wealth. The average return on a 5% down payment over 10 years is usually 3-5 times greater than stock market returns.
· Sellers controlled the market in the past, but this is now a great opportunity for buyers to negotiate. Buyers can find the property of their dreams now that they could not afford 4 years ago.
· Homes are more affordable than they have been in years. Home buyers who are willing to brave the harsh and cold meteorological landscape are finding the home buying environment quite warm and welcoming. The MAAR Housing Affordability Index (HAI), which measures how affordable Twin Cities housing is to its residents, jumped in February to 149—the highest level in nearly four years—thanks to continued declines in mortgage rates, a smorgasbord of homes to pick from and a seller psychology that is motivated to move and ready to negotiate.
